September 2023 edition: The Medtech Big 100

A mixed year for the Medtech Big 100 — and an opportunity to show we care

The results are in from our annual Medtech Big 100 ranking of the largest medical device companies, and while total sales and R&D spending are up, it doesn’t feel right to celebrate.

That’s because our analysis shows a 5% decline in employment across the industry. This is no surprise to anyone who is active on LinkedIn, given this year’s headlines about layoffs and posts from friends and co-workers seeking new opportunities.

It’s not the first time that’s happened. Last year’s analysis captured job cuts due to the COVID-19 pandemic that delayed procedures, snapped supply chains and sickened or killed millions of patients, healthcare providers and medical device employees globally.

But our latest tally shows aggregate employment for the 100 largest medical device companies is at its lowest level since our pre-pandemic analysis in 2019, which included employment counts from late 2018 and early 2019.

Some of this is likely due to the number of spinoffs in recent years as business units go independent and take up their own spot on the Big 100 for the first time, leaving their parent company with a smaller workforce. There could also be some job loss due to role redundancy from mergers, and other factors like automation and outsourcing allow device developers and manufacturers to do the same work with fewer employees on their payroll.

Whatever the reason, let’s keep the champagne on ice for another occasion. Maybe you’ll celebrate a former colleague’s new job after you’ve provided them with a referral or reference. Or perhaps we’ll raise a glass the next time we meet and pledge to be there for friends in need. Our industry is built on relationships, and this is an opportunity to get in touch and show each other how much we care.

Go deeper into our Big 100 analysis with reporting from Senior Editor Danielle Kirsh not only on the list’s big movers and shakers, but an analysis of medtech compensation for CEOs and median workers as disclosed under relatively new securities regulations.

On top of that, Executive Editor Chris Newmarker has ranked the world’s largest orthopedic companies and offers a preview of the growth they expect in the months ahead, while Pharma Editor Brian Buntz offers a taste of his Pharma 50 ranking.

Two of our articles this month focus on Medtronic, the longtime No. 1 company on the Medtech Big 100. In Product Development, we explore the design defect that’s likely to blame for the company’s massive defibrillator recall. Later, in our Regulatory department, we dive deep into the Medtronic conflict minerals program that investigates red-flag suppliers.

Other coverage this month includes a conversation with Vicarious Surgical’s new operations chief about its robotics technology, along with a roundup of digital health startups that might just one day join the Medtech Big 100 whether through organic growth or acquisition.

And on the cover is Mike Mahoney — CEO of Medtech Big 100 No. 12 Boston Scientific — who offers perspective from the helm of a device manufacturer that’s growing and innovating. We interviewed him at DeviceTalks Boston in May, and if you missed out, make sure you get to DeviceTalks West in Santa Clara, California this Oct. 18–19. It’s a unique opportunity to build relationships that you can count on when the going gets tough — and a great chance to toast the innovators, risk-takers and reliable partners that help us advance medtech’s mission.

As always, I hope you enjoy this edition of Medical Design & Outsourcing — and thanks for reading.

– Jim Hammerand, Managing Editor
Medical Design & Outsourcing
[email protected]